Mudra Loan in Mumbai

Mudra Loan in Mumbai

One of the busiest cities in India, Mumbai is the financial and commercial capital of the country. This ‘city of dreams’ is also known for its cultural diversity, lip-smacking street food, monumental structures and intercity local trains and, of course, the Bollywood industry.

The most advanced business infrastructure and a massive consumer base make Mumbai one of the best places for start-ups. Thus, to seek financial assistance for business, budding entrepreneurs and existing business owners can make use of a MUDRA loan in Mumbai.

But, it may be wiser to delve into the nitty-gritty of this financial product before applying.

What Is a MUDRA Loan?

PM MUDRA Yojana loan is a government initiative to extend monetary assistance to micro and small businesses. These loans are disbursed through micro-financing institutions as well as RRBs, commercial banks, and NBFCs. 

MUDRA finance Mumbai also promotes financial literacy among MSMEs and extends social support along with financial assistance. 

PM MUDRA loan is divided into three categories based on the funds available. 

  • Shishu: Under this scheme, start-ups can avail a loan up to Rs.50000. 
  • Kishore: Loans in the range of Rs. 50000 to Rs. 5 lakhs can be availed under the Kishore category.
  • Tarun: Established enterprises can opt for a fund of Rs. 5 lakhs to up to Rs.10 lakhs through this scheme. 

The beneficiaries have to type ‘MUDRA loan office Mumbai near me’ to know in more detail about this financing facility. One must check aspects like eligibility criteria and documentation before applying.

MUDRA Loan Application Process

To apply for Pradhan Mantri small business loan, applicants have to follow the below-mentioned steps. 

  • Preparation of a business proposal
  • Select any of the e-MUDRA loan categories
  • Visit any of the branches of banks that extend a MUDRA loan in Mumbai.
  • Submit the duly filled loan application forms along with KYC documents, recent passport-sized photographs, business plan, business vintage proof, income proof, etc.

However, people ought to note that loan approval takes a few working days. Hence, businesses that require instant funds may not find this credit option favourable. 

Alternatively, they can opt for a gold loan that can be used for any business purpose without any restriction. 

Why Is A Gold Loan Better Than Mudra Loan in Mumbai?

Following are some of the best features of a gold loan: 

  • Minimal eligibility
  • Simple documentation 
  • Short loan processing timing 
  • Instant approval and disbursal 
  • Low cost of borrowing 
  • Individuals can get all these facilities along with other additional ones when they choose Rupeek.

What Makes Rupeek The Best?

Following are some of the factors that make Rupeek one of the most sought-after gold loan providers in India. 

  • Sizeable Loan Amount: We offer the highest per gram value of the gold. Individuals can get up to Rs. 1.5 crores against adequate gold quantity.
  • Gold Loan Calculator: People can check the loan amount they are eligible for using the online gold loan calculator. All they have to do is enter the details of gold ornaments like the carat detail, the weight of each gold ornament. You can see the gold loan amount instantly. 
  • Competitive Interest Rates: The interest rate of Rupeek gold loan starts at 0.49% per month, making it affordable for many people. 
  • Flexible Repayment Structure: Unlike a MUDRA loan in Mumbai, Rupeek has flexible repayment schemes. Borrowers can repay:
  1. A loan through EMIs or 
  2. Pay whenever they want within tenure, like paying the entire amount at once with the single bullet payment option. 
  • Improved Security 

Rupeek follows the most advanced gold security protocol to keep the pledged gold safe. The pledged gold is carried using a GPS-enabled carry bag to and from the borrower’s home and the bank’s vault. Moreover, the pledged gold enjoys complimentary insurance for the entire tenure. 

Besides gold, we also use the latest encryption to protect borrowers’ information that they share with us. 

  • Doorstep Services 

One of the best facilities of Rupeek is the industry-first doorstep service. After making a request for Rupeek gold loan, our representative will contact you shortly. Starting from document verification to loan disbursal, everything takes place at the comfort of borrower’s home. 

Therefore, with Rupeek, you can get an instant online gold loan at your doorstep

Overdraft Facility

Besides these above mentioned features, Rupeek also accompanies a gold loan overdraft facility. Popularly known as Rupeek Quick, this facility allows existing Rupeek borrowers to avail funds on top of their primary loan. All they have to do is pledge some additional gold afresh. Once the gold valuation is over, we will disburse the amount directly to the borrower’s wallet. Therefore, this fund can be a great solution for any financial emergency. 

Individuals can also reduce the interest payment burden by opting for this facility as they only have to pay interest on the fund utilised. 

These are some of the most crucial factors of Rupeek gold loan that make it a compelling replacement of MUDRA finance Mumbai. 

For more convenience, people can refer to the following location list where Rupeek is functional in Mumbai. 

Rupeek’s Service Locations In Mumbai

Following are the places in Mumbai where Rupeek extends doorstep services. If you belong from any of these localities, contact Rupeek to avail a gold loan. 

  1. Santacruz
  2. Trombay
  3. Andheri
  4. Nagpada
  5. Mumbai central
  6. Chembur
  7. Dharavi
  8. Lalalajpatraimarg
  9. Bandra
  10. Malabar hill
  11. Dadar
  12. Borivali
  13. Shivaji park
  14. Malad
  15. Nariman point
  16. Churchgate

Hence, individuals can avoid the hassles of qualifying for a MUDRA loan in Mumbai by opting for a Rupeek gold loan. Besides business purposes, you can utilise the funds for other non-speculative purposes as well. Therefore, with a Rupeek gold loan at a place, you can start your dream business venture anywhere in Mumbai. 

Apply for a Rupeek gold loan today and kick-start your entrepreneurship!

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Benefits of Gold Loan over Mudra Loan.
  • <1 lakh
  • 2 lakh
  • 3 lakh
  • 5 lakh
  • 10 lakh
  • 20 lakh
Comparision Parameters Mudra Loan Gold Loan
Interest Rate 2.39% 0.49%
Monthly Interest Amount
Eligibility & Documentation More Documents Needed Only KYC Needed
Processing Time & Disbursement 2 days to 1 week Within a day
Required Gold Weight -
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Frequently asked questions

  1. Which bank is the best for MUDRA loan in Mumbai?

Almost all commercial banks, NBFCs, and several regional rural banks offer MUDRA loan to eligible borrowers. However, those who cannot fulfil the eligibility can opt for a gold loan from Rupeek and avail funds for their business. 

  1. How to apply for a Rupeek gold loan?

First, individuals have to make a request for Rupeek gold loan. All you have to do is navigate to the Rupeek home page and enter your mobile number. Click on “apply now”. Within a few minutes, you will get a call back from us. After fixing an appointment with you, our loan manager will reach your place and initiate the loan process. 

  1. What is the maximum MUDRA loan tenure?

Individuals can avail a MUDRA loan in Mumbai for a repayment period as long as 7 years.

  1. What are Rupeek rebates? How does it work?

Rupeek extends rebates to borrowers on regular repayment. The amount of rebate depends on the repayment frequency; the higher the frequency, the higher is the refund you are eligible for. 

  1. What is the minimum amount I can get as Rupeek gold loan?

You can get a minimum of Rs.15000 as a Rupeek gold loan. 

  1. What is Rupeek gold loan eligibility?

To get a Rupeek gold loan, you need to be 18 years or above, have sufficient gold to pledge and present KYC documents along with that. 

  1. How can I close my Rupeek gold loan?

First, you have to sign up with your mobile number. Enter the OTP to authenticate yourself. Choose ‘Close Loan’ as a repayment option and complete the transaction. You will get the loan closure details like rebate amount, accrued interest, total payable amount and others.

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